新式查核報告書因關鍵查核事項的揭露提高了資訊透明度，本文欲探討採用新式查核報告書，對於企業信用評等之影響。信用評等是信用評等機構按所得財務資訊對企業的違約風險，所作的一種評比，指數愈低，違約風險愈低，信用評等愈佳；反之。本研究以2014至2017年度台灣上市櫃共計4,848家公司為樣本，在控制了營業利益、總資產報酬率、速動比率、利息保障倍數、負債比率、股票月報酬標準差及公司規模等預期會影響信用評等的變數後，迴歸分析結果顯示新式查核報告書的採用與信用評等呈顯著負相關，支持了新式查核報告書的採用有助於提升信用評等。

The study investigates the effect on credit rating by the adoption of extended audit report since information transparency has been enhanced due to the disclosure of key audit matters. When enterprises have capital demands due to business activities or investment activities, they could seek for capital supply externally other than using the internal owned capital of the enterprise. External capital may be obtained from capital increase by cash or debt financing. However, both of them require the payment of capital cost. The amount of capital cost affects financing capabilities and decisions and even the success or failure of the business. Factors such as interest and terms for repayment will affect capital cost, which depend on breach of contract risk. When breach of contract risk is high, the interest level paid by the borrower is higher. It can be seen from this that financial accounting information is very important to the process of determining the terms in loan contracts. Banks assess the risks of the borrower and the possibility of the borrower to pay the interest and repay the loan in time according to public accounting information and determine the breach of contract risks. Credit rating is a kind of rating made by the credit rating institutes on breach of contract risks according to the obtained financial information. If the index is lower, then the breach of contract risk is lower and therefore credit rating is better; if the index is higher, then the breach of contract risk is higher and therefore credit rating is worse.

Armstrong, C. S., M. E. Barth, A. D. Jagolinzer, and E. J. Riedl. 2010. Market reaction to the adoption of IFRS in Europe. The Accounting Review 85, 31-61.
Ashbaugh-Skaife,H., D. W. Collins, and R. Lafond. 2006, Corporate governance, risk and cost of equity capital. Working Paper, University of Wisconsin-Madison.
Ball, R., R. M. Bushman, and F. P. Vasvari. 2008. The debt-contracting value of accounting information and loan syndicate structure. Journal of Accounting Research 46, 247-287.
Bharath, S. T., J. Sunder, and S. V. Sunder. 2008. Accounting quality and debt contracting. The Accounting Review 83, 1-28.
Bharath, S. T., S. Dahiya, A. Saunders, and A. Srinivasan. 2011. Lending relationships and loan contract terms. Review of Financial Studies 4, 1141-1203.
Blackwell, D. W., T. R. Noland, and D. B. Winters. 1998. The value of auditor assurance. Evidence from loan pricing. Journal of Accounting Research 36, 57-70.
Brasel, K., M. M. Doxey, J. H. Grenier, and A. Reffett. 2016. Risk disclosure preceding negative outcomes: The effects of reporting critical audit matters on judgments of auditor liability. The Accounting Review 91, 1345-1362.
Bushman, R. M., and A. J. Smith. 2001. Financial accounting information cor porate governance, Journal of Accounting and Economics 32, 181-235.
Chava, S., M. Dierker, and D. Livdan. 2004. Do shareholder rights affect the cost of bank loans. Working Paper, University of Houston.
Chen, P. F., S. He, Z. Ma, and D. Stice. 2016. The information role of audit opinions in debt contracting. Journal of Accounting and Economics 61, 121-144.
DeFond, M., and J. Zhang. 2014. A review of archival auditing research. Journal of Accounting and Economics 58, 275-326.
Diamond, D. W. 1991. Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of Political Economy 99, 689-721.
Freixas, X., and J. C. Rochet. 1997. Microeconomics of Banking. MIT Press. Cambridge, MA.
Graham, J. R., S. Li, and J. Qiu. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89, 44-61.
Gutierrez, E., M. Minutti-Meza, K. Tatum, and M. Vulcheva. 2018. Consequences of adopting an expanded auditor’s report in the United Kingdom. Review of Accounting Studies 23, 1543-1587.
Kausar, A., N. Shroff, and H. White. 2016. Real effects of the audit choice. Journal of Accounting and Economics 62, 157-181.
Kim, J. B., B. Y. Song, and L. Zhang. 2011. Internal control weakness and bank loan contracting. Evidence from SOX Section 404 disclosures. The Accounting Review 86, 1157-1188.
Lennox, C. S., J. J. Schmidt, and A. Thompson. 2018. Is the expanded model of audit reporting informative to investors? Evidence from the U.K. Working paper, University of Southern California. .
Liao, L., M. Minutti-Meza, Y. Zhang, and Y. Zou. 2019. Consequences of the adoption of the expanded auditor’s report in Hong Kong. Working paper, University of Miami.
Ortiz-Molina, H., and M. F. Penas. 2008. Lending to small businesses: The role of loan maturity in addressing information problems. Small Business Economics 30, 361-383.
Porumb, V. A., Y. Z. Karaibrahimoglu, G. J. Lobo, R. Hooghiemstra, and D. D. Waard. 2019. Is More Always Better? Disclosures in the Expanded Audit Report and their Impact on Loan Contracting, Working paper, University of Groningen.
Reid, L. C., J. V. Carcello, C. Li, and T. L. Neal. 2015. Are Auditor and Audit Committee Report Changes Useful to Investors? Evidence from the United Kingdom. Working paper, University of Tennessee.
Reid, L. C., J. V. Carcello, C. Li, and T. L. Neal. 2018. Impact of auditor report changes on financial reporting quality and audit costs: Evidence from the United Kingdom. Working paper, University of Tennessee.
Sengupta, P. 1998. Corporate disclosure quality and the cost of debt. The accounting review 4, 459-474.
Smith, W. K., 2016. Tell me more: A content analysis of expanded auditor reporting in the United Kingdom. Working paper, Virginia Polytechnic Institute and State University.
李建然，2016，新式會計師查核報告之簡介及其衝擊，主計月刊，第732期，頁24-36。
李建然，2016，財務報表使用者如何解讀上市（櫃）公司新式無保留意見查核報告，證券暨期貨月刊，第9期，頁16-29。
莊蕎安，2016，查核報告的革命，會計研究月刊，第373期，頁62-69。
陳瑞斌、翁慈青及朱全斌，2009，揭露水準對於信用評等與負債資金成本之影響，財務金融學刊，第17卷，頁72-110。
黃仲豪，2016，推動我國採用新式會計師查核報告-由英國實施經驗論起，證券暨期貨月刊，第9期，頁5-29。
劉永欽，2014，管理學報，企業的銀行關係與資訊揭露政策之關聯性，第31期，頁135-155
藍慧雯，2016，新式查核報告相關審計準則公報導讀，會計研究月刊，第373期，頁72-75。
朱芯儀，2016，審計準則公報第58號「查核報告中關鍵查核事項之溝通」，會計研究月刊，第369期，頁88-92。